Are financial advisors looking out for your best interest? The quick answer is no, but the reasons why are a little more confusing than you’d think.
Back in March you may have seen some front-page news articles stating some TD bank employees admitted to breaking the law to meet sales goals. TD of course denies that these allegations are accurate (as a company probably would until they’ve investigated further). This along with similar accounts has started a federal investigation into the major Canadian banks’ practices.
I think after seeing Wells Fargo opened 2 million fake accounts to meet sales goals last year the TD accusations aren’t a complete surprise. Sure, they’re a friendly Canadian bank and wouldn’t go to such lengths as bank fraud, right? Well let’s hope so! But they’re certainly not without their trickery. All of the major banks have a common deceiving fact about their financial advisors. Read more